Keurig Dr Pepper, a manufacturer and distributor of coffee systems, agreed to invest $863m in Nutrabolt, an active global health and wellness company.
"This partnership represents a win-win transaction between our two companies. KDP gains significant presence in the rapidly growing performance energy drink market, and Nutrabolt gains access to a strategic investor with extensive sales and distribution capabilities to further accelerate its growth. We believe that bringing together the resources, talent, and expertise of both companies will accelerate innovation and growth and drive significant value creation over time," Bob Gamgort, KDP Chairman and CEO.
Keurig Dr Pepper is advised by Evercore and Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano and Sean Doyle). Nutrabolt is advised by Goldman Sachs, Jefferies & Company, Giannuzzi Lewendon, Goodwin Procter and Kirkland & Ellis.
Intrinsic Medicine, a preclinical-stage therapeutics company, terminated the agreement to go public via a SPAC merger with Phoenix Biotech Acquisition in a $136m deal.
“Intrinsic was encouraged by the positive feedback from prospective investors regarding the attractiveness of our novel and capital-efficient approach to developing transformative new therapeutics. We remain focused on advancing these important potential drugs and are grateful to PBAX’s team of experienced life-sciences investment veterans for recognizing the fundamental value of our platform and pipeline,” Alexander Martinez, Intrinsic CEO.
The Stephens Group, an investment management firm, completed the acquisition of Quality Valve, a provider of OEM relief valve replacement parts intended to serve the valve repair market, from Pfingsten Partners, a private equity firm. Financial terms were not disclosed.
“We are thrilled to add Quality Valve to our family of companies. Quality Valve’s differentiated competitive positioning and their broad suite of low-cost, high-consequence-to-failure products make this business a perfect fit for our specialty distribution focus. We have a high degree of confidence in CEO Jody Dunn and the entire management team and the business they have built. We are looking forward to working together to execute on our shared vision to extend the leadership of this specialty distribution platform," Grant Jones, Stephens Managing Director.
The Stephens Group was advised by Lincoln International and Bryan Cave Leighton Paisner. Debt financing is provided by Audax Group. Quality Valve was advised by BlackArch Partners and Paul Hastings.
Ferrero, a manufacturer of branded chocolate and confectionery products, agreed to acquire Wells Enterprises, a manufacturer of ice cream, frozen novelties, and specialty frozen desserts. Financial terms were not disclosed.
"We are a 100-year-old company focused on adapting for the next 100 years. Ferrero is a like-minded company with a commitment to providing high-quality, premium, sweet-packaged food products that bring joy to consumers around the world. This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition," Mike Wells, Wells President and CEO.
Ferrero is advised by Morgan Stanley and Davis Polk & Wardwell (led by Daniel Brass). Wells is advised by UBS, McDermott Will & Emery and Sloane & Company.
Victory Hill Capital-backed VH Global Sustainable, an opportunistic infrastructure fund, completed the acquisition of Mascarenhas Hydro Electric Facility, a 198MW hydropower provider in Brazil, from EDP Energias do Brasil, a firm engaged in the generation, distribution, and sale of electric energy, for $242m.
"The acquisition of Mascarenhas marks our first investment in hydropower and provides us with a highly reliable source of power generation backed by long-term secure PPAs. The preconditions to enabling more penetration of wind and solar power capacity in the Brazilian energy mix are well established and strongly underpinned by government policies and the significant contribution of hydropower. Hydropower generation is one of the oldest and most proven power generation sources, complementing more intermittent renewable sources such as wind and solar and ultimately facilitates the presence of such energy sources in the energy mix," Eduardo Monteiro, Victory Hill Co-CIO.
VH Global Sustainable was advised by Alvarium, Numis Securities (led by David Benda), G10 Capital and Edelman.
The Acacia Group, an investment firm, agreed to acquire Isos Technology, an Atlassian platinum and enterprise solution partner with customers across the public and private sectors. Financial terms were not disclosed.
“The visionaries at Atlassian have created products and tools that are mission-critical to the digital transformation of businesses worldwide. By combining the outstanding Atlassian teams from Isos and MajorKey, we are creating a new powerhouse to deliver on the full potential of Atlassian tools for a new generation of customers while also building deeper, more effective relationships with current customers to drive more value from their Atlassian investment. We have been highly impressed by the quality and reputation of the people at Isos and are delighted that our valued colleagues from MajorKey’s Atlassian team will be part of another compelling growth story within the Acacia portfolio," Craig Dawson, Acacia Co-Founder and Partner.
The Acacia Group is advised by Citizens M&A (led by Don Holbrook), Triago and Messner Media (led by Kristina Messner). Isos Technology is advised by Alantra.
ARKO-backed GPM Investments, an operator of convenience stores, completed the acquisition of Pride Convenience Holdings, a firm that operates 31 convenience stores in highly desirable locations, from ArcLight Capital, a private equity firm, for $230m.
“Our agreement to acquire Pride highlights ARKO’s continued focus on creating long-term shareholder value by growing our core convenience store business. We believe Pride stores are top-tier assets, with a focus on excellent customer service and a quality loyalty program, and we further believe that we can add value to these assets through our operational and merchandising abilities and scale. We look forward to welcoming Pride’s employees to our Family of Community Brands and working together to enhance the business," Arie Kotler, ARKO Chairman, President and CEO.
ARKO was advised by Matter Communications. Pride Convenience was advised by BMO Capital Markets. ArcLight Capital was advised by Locke Lord (led by Bill Swanstrom and Jenelle M. Simmons).
Integra LifeSciences, a global medical technology company, completed the acquisition of Surgical Innovation Associates, a developer of a resorbable knitted mesh, for $140m.
“Integra LifeSciences warrants great respect among physicians and shares SIA’s origins in plastic surgery. We are excited to align with them as we continue our journey to make DuraSorb a leading option within the surgeon’s armamentarium for soft tissue reconstruction," Alexei Mlodinow, SIA Co-Founder and Board Director.
Integra LifeSciences was advised by Wyrick Robbins Yates & Ponton. Surgical Innovation Associates was advised by Bank of America and Proskauer Rose.
Green Rock Energy Partners, a sustainable infrastructure focused private equity firm, completed the acquisition of PSA South Hills Landfill Gas Venture, a renewable natural gas production facility. Financial terms were not disclosed.
“Green Rock is proud to expand our sustainable infrastructure portfolio. We continue to invest in renewable natural gas assets due to their ability to facilitate the transition to a lower-emission future while providing attractive returns,” Cody Myers, Green Rock Co-Founder and Managing Partner.
Green Rock is advised by Venture Engineering & Construction, Kean Miller and BackBay Communications.
New Water Capital, a private equity firm, agreed to acquire Bulk Lift International, a manufacturer and supplier of flexible intermediate bulk containers, and Bagwell Supply, a manufacturer of packaging products. Financial terms were not disclosed.
"Our company has built a reputation for quality, flexibility, and supply-chain reliability that has made us the preferred supplier to a growing number of high-end industrial customers. With the expanded footprint of the new company and New Water's financial and operational support, we are ideally positioned to both grow our customer base and better serve our existing customers as their product and service needs evolve in a rapidly changing marketplace," Tony Famiano, Bulk Lift CEO.
New Water Capital is advised by Comcast Corporation. Bulk Lift International is advised by PricewaterhouseCoopers. Bagwell Supply is advised by CIBC World Markets.
United Rentals, an equipment rental company, completed the acquisition of Ahern Rentals, an equipment rental company, for $2bn.
“Our acquisition of Ahern Rentals supports our strategy to deploy capital to grow the core business and drive shareholder value. We view ourselves as the ideal owner of these assets within our network, as customers will benefit from the combination of the two organizations moving forward together. We're leveraging our competencies in larger-scale M&A to augment both our near- and long-term earnings power," Matthew Flannery, United Rentals CEO.
United Rentals was advised by Gibson Dunn & Crutcher (led by Jonathan Layne). Ahern Rentals was advised by Sullivan & Cromwell (led by Frank Aquila).
IBM, an American multinational technology corporation, agreed to acquire Octo, a technology firm, from Arlington Capital Partners, a private equity firm. Financial terms were not disclosed.
“Since our partnership with Octo began in early 2019, the Company has consummated four highly complementary acquisitions, expanding the Company’s healthcare footprint, while also doubling down on its strong positioning with forward-leaning modernization customers within the national security and civilian customer communities. The partnership with the Octo management team and their tireless efforts enabled us to build a great business focused on the infusion of modern technology into government applications and solidified the Company as an attractive workplace for technologists,” Michael Lustbader, Arlington Capital Managing Partner.
Meta Platforms faces a major test to its metaverse strategy in California federal court as US antitrust enforcers seek to block the social network from buying a virtual reality startup Within for $400m.
The Federal Trade Commission argues that Meta’s plan to buy Within, the maker of the fitness app Supernatural, is intended to give the tech giant a leg up in dominating the burgeoning VR market. The eight-day hearing in San Jose represents a test case for FTC Chair Lina Khan and her more aggressive strategy on mergers, especially by digital giants, Bloomberg reported.
Coastal Medical Transportation Systems, a 24/7 non-emergency transportation service, completed the acquisition of the Massachusetts medical transportation business of Transformative Healthcare, a provider of mobile healthcare services and logistics management solutions. Financial terms were not disclosed.
"This acquisition has afforded us an opportunity to not only expand our services portfolio but also the scale of our capabilities in order to close gaps in care delivery across the region. With this strategic move, we believe we are in an even stronger position to support our mission. We are committed to providing great care, a superior work environment, and innovative technology and equipment, which — when combined — provide a more efficient and effective operation and, as a result, a higher-quality provider and patient experience," Alex Theoharidis, CMTS Founder and CEO.
Coastal Medical was advised by SVM PR. Transformative Healthcare was advised by Pinkston Group.
ICONIQ Growth, a privately-held investment firm, and GGV Capital, a global venture capital firm, led a $200m Series C funding round in Drata, a continuous security and compliance automation platform, with participation from Alkeon Capital, Salesforce Ventures, Cowboy Ventures, SentinelOne, Silicon Valley CISO Investments, FOG Ventures, Jeff Weiner, Frank Slootman, Jennifer Tejada, Amit Agarwal, Olivier Pomel and Jonathan Rubinstein.
"Since our inception, Drata has been designed to bridge the gap between compliance and trust through automation, and we've made significant progress in less than two years. This next phase of growth will only further accelerate those efforts, introduce a new wave of open compliance, and help us realize our vision of being the trust layer between our incredible customers and those they do business with," Adam Markowitz, Drata Co-Founder and CEO.
ARKO, an operator of convenience stores and wholesalers of fuel in the United States, agreed to acquire the retail, wholesale and fleet fueling assets of WTG Fuels Holdings, an operator of fuel, propane, and convenience stores, for $140m.
“We are committed to creating value for our stockholders with a systematic, convenience-store focused long-term growth strategy focused on disciplined and accretive transactions. We believe that we add significant value to acquisitions with our excellent integration capacity, which has helped accelerate the pace of dealmaking, which in turn improves our business, creates more efficiencies, and funds future growth - a virtuous cycle that we believe sets ARKO apart as a leading convenience store operator and acquirer of choice," Arie Kotler, ARKO Chairman, President and CEO.
EQT-backed Covanta, a provider of environmental services for businesses and communities across North America, completed the acquisition of SGS Recovery, a provider of waste management services, Frontier Fibers, a provider of fiber-based bedding products, and Buffalo Fuel, a provider of transportation and recycling service, from Santarosa Group, a holding company. Financial terms were not disclosed.
"The addition of SGS Recovery, Frontier Fibers, and Buffalo Fuel to our team is a game changer because it elevates Covanta into the leading provider of alternative fuels in the country. These are exciting early innings in our transformation as we lay the groundwork for more sustainable solutions to carbon intrusive industries. We look forward to this extraordinary opportunity to build upon compelling services that not just meet customers' economic needs but also present effective solutions that shape a truly circular economy," Azeez Mohammed, Covanta President and CEO.
Buyers Edge Platform, a digital procurement platform, agreed to acquire Restaurant Accounting Services, an accounting and operational management services provider. Financial terms were not disclosed.
"We are ecstatic about welcoming the RASI team and technology into the Buyers Edge Platform! Traditionally, restaurant software has been siloed into only performing one specific function, so the restaurants have been forced to piecemeal their tech stack with systems that don't connect efficiently and are not truly built with foodservice operations in mind. The RASI software completes a major component in the Buyers Edge Back Office, which has been under development for many years," John Davie, Buyers Edge Platform CEO.
HGS, an IT service management company, agreed to acquire TekLink International, a business intelligence consulting company, for $59m.
"We are excited to become part of the HGS family to complement their already established digital customer engagement, digital experience, intelligent automation, and cloud & security portfolio with our world-class data platform and analytics solutions and services. Together, our mutual clients will benefit from best-in-class, end-to-end digital transformation," Pankaj Gupta, TekLink Founder and CEO.
Developer of educational software Arco Platform's shareholders sent a letter to directors urging them to reject a deal to take the company private by private equity firms General Atlantic and Dragoneer Investment, Bloombergreported.
Arisaig Partners, Gavea Investimentos, and Hix Capital, which say they represent a collective ownership stake of 13%, wrote that if Arco agrees to a proposed takeover, it would “represent a callous mistreatment of minority shareholders.” The group described the $11-a-share offer price as “unfavorable,” adding that the value is not “anywhere close to acceptable” based on Arco’s history as a public company, earnings momentum, recent volume-weighted market price, and peers.
WPP, a British multinational advertising, and public relations company, agreed to acquire Diff, a commerce agency based in Montreal. Diff will join the Wunderman Thompson global network. Financial terms were not disclosed.
"The tremendous growth in the digital commerce ecosystem means our clients are looking to us to deliver the innovative solutions they need to reach new and existing customers in meaningfully engaging ways. Diff's Shopify expertise, alongside its unique blend of strategy, optimization, and design, will be a welcome addition to our commerce portfolio and will drive results for our clients in North America, which is WPP's largest market," Mark Read, WPP CEO.
Altumint, an automated traffic law enforcement company, completed the acquisition of the automated traffic safety enforcement business of Rekor Systems, a global AI technology company. Financial terms were not disclosed.
"Our decision to divest our ATSE business unit demonstrates our disciplined approach to evaluating and focusing our resources on strategic growth in roadway data services, where we are an advantaged player. We believe the Company is on a solid path towards increasing recurring revenue as our technology aggregates, transforms, and analyzes data from multiple sources and delivers actionable roadway insights as a service," Eyal Hen, Rekor CFO.
Third Point sells Cano Health stake. (FS)
Daniel Loeb’s Third Point, an investment adviser, sold its remaining stake in Cano Health, an operator of primary care centers and affiliated medical practices, amid mounting concerns around the healthcare provider’s liquidity.
Third Point sold out of Cano through a block trade last week. The New York-based hedge fund had disclosed a 3.5% position in October, down from 6.4% in March, public filings show. Meanwhile, some of Cano Health’s biggest creditors are in the early stages of organizing ahead of potential debt discussions,Bloomberg reported.
Air Products and AES to invest $4bn in building green hydrogen plant.
Air Products, a provider of essential industrial gases, related equipment, and applications, and AES, a global energy company, announced plans to invest approximately $4bn to build, own and operate a green hydrogen production facility in Wilbarger County, Texas.
This mega-scale renewable power to hydrogen project includes approximately 1.4GW of wind and solar power generation, along with electrolyzer capacity capable of producing over 200MT/D of green hydrogen, making it the largest green hydrogen facility in the United States. The facility, targeted to begin commercial operations in 2027, will serve the growing demand for zero-carbon intensity fuels for the mobility market and other industrial markets.
Global M&A deals up 3% in 2022.
New figures from Datasite, a virtual data room provider for mergers and acquisitions due diligence, reveal that M&A deals are up by 3% when compared to the same period last year.
Datasite, which facilitates approximately 13k deals annually, compiled the figures based on the deals taking place on its platform from January to November. These deals are recorded at their inception, and are not yet announced, giving clear evidence that dealmaking is continuing and there is a steady deal volume already being worked on, although many won’t be announced for another six to nine months.
McEwen Mining lines up copper IPO as Argentina project advances.
McEwen Mining is planning to take its copper unit public next year, seeking to capitalize on growing demand for the wiring metal, Bloombergreported.
The company run by metals entrepreneur Rob McEwen is preparing an initial public offering for its McEwen Copper business in the first half of 2023, according to Michael Meding, who leads the unit. The company operates in Los Azules, one of the world’s biggest underdeveloped copper deposits.
400 Capital Management closes third private credit fund with $580m of committed capital. (FS)
400 Capital Management, an alternative credit asset manager specialising in structured credit with over $5.7bn of capital under management, has held the final close of its Asset Based Term Fund III with $580m of committed capital.
The close of ABTF III follows the firm’s successful launch of ABTF II in 2019, which closed with over $430m in August 2020. Previously, ABTF I, which was launched in 2017, raised over $200m and is fully invested and returning capital to investors.
Avant secures $250m funding from Ares Management. (FS)
Avant, a credit-first financial technology company that provides access to financial solutions to underserved non-prime consumers, has secured $250m of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds.
This funding follows a $250m securitisation in September and several other success markers in 2022. In January, the Avant Credit Card, issued by WebBank, surpassed one million customers. In August, the financial technology company unveiled a new multi-year exclusive partnership with Major League Soccer for a co-branded fan affinity credit card that will be powered by Avant and issued by WebBank.
Helios Towers, an independent telecommunications infrastructure company, completed the acquisition of the 2890 sites from Omantel, the largest mobile network operator in Oman, for $575m.
"This move also allows the monetization of our towers at attractive valuation levels, de-lever our balance sheet, and will accelerate network development in next-generation advanced technologies while enabling management to focus on innovation and product development while outsourcing non-core infrastructure management to a world-class infrastructure management firm - Helios Towers. We are excited to enter into this transaction and long-term strategic partnership with Helios Towers, who have impressed us with their high level of expertise, interest, and partnership credentials," Talal Said Al Mamari, Omantel CEO.
Helios Towers was advised by Linklaters, Vinson & Elkins (led by Robert Dixon) and FTI Consulting (led by Ed Bridges and Stephanie Ellis). Omantel was advised by Ernst & Young, Citigroup, Al Busaidy Mansoor Jamal, Freshfields Bruckhaus Deringer and Hardiman Telecommunications.
Modulex Modular Buildings, a manufacturer of modular buildings, agreed to go public via a SPAC merger with PHP Ventures Acquisition in a $682m deal.
“This transaction highlights the immense value investors see in Modulex when comparing our numbers with those of our competitors in the global construction technology markets. We have both a solid foundation and a clear roadmap to expand our model. This transaction will propel us to take our British offsite steel modular building technology global to cater to rising demand in growth markets such as India and other BRICS and N11 nations and continue building our staff to further these efforts along," Suchit Punnose, Modulex CEO and Founder.
Modulex is advised by ARC Group, EF Hutton, Memery Crystal and Rimon Law. PHP Ventures Acquisition is advised by Houlihan Capital, Nelson Mullins Riley & Scarborough and MZ Group (led by Chris Tyson).
Abu Dhabi National Energy, a government-controlled energy holding company, and Abu Dhabi National Oil Company, a state-owned oil company, completed the acquisition of a 67% stake in Abu Dhabi Future Energy, a provider of renewable energy solutions, from Mubadala, an investment firm, for $1.3bn.
"This milestone is a clear testament of Mubadala’s commitment to realizing the UAE’s long-term sustainability ambitions. We established Masdar 16 years ago with the foresight to diversify the UAE’s energy mix and advance the global energy transition. Today’s signing with two of Abu Dhabi’s key energy players, ADNOC and TAQA, further cements Mubadala’s responsible investing strategy and is one step closer to delivering on the UAE’s sustainability aspirations. The new shareholding structure of Masdar solidifies the strategic partnership between Abu Dhabi’s powerhouses, consolidating the UAE’s pioneering position as a forward-looking global energy leader," Musabbeh Al Kaabi, Mubadala UAE Investments CEO.
TAQA was advised by Clifford Chance (led by Mo Al-Shukairy). ADNOC was advised by Shearman & Sterling (led by Renad Younes and Jade Chu). Mubadala was advised by Allen & Overy.
Vertu Motors, an automotive retailer in the United Kingdom, agreed to acquire Helston Garages, a predominantly premium manufacturer automotive retail group, for £120m.
"We are delighted that Vertu Motors has agreed to acquire Helston and 28 dealerships, further evidence of the execution of our long-term strategy to build scale, geographic coverage and deepen our relationships with our key automotive Manufacturers. We are particularly pleased that we have received strong support for the acquisition from our Manufacturer Partners and our lending banks to support the deal. Volvo and Ferrari are introduced to our portfolio, which is a very proud moment for the group," Robert Forrester, Vertu Motors CEO.
Kinnevik, a Swedish investment company, led a $151m funding round in Oda, an online grocery retailer, with participation from Verdane, Summa Equity, Rasmussen Group and Prosus.
“Summa, Verdane and Kinnevik are leading Nordic investors with a special focus on companies that move the world in a more sustainable direction. Their decision to invest in Oda confirms that we have a solid business model and the right growth strategy. It is also worth noting that existing shareholders such as the Rasmussen Group and Prosus have backed us this time around as well through debt conversion. Oda is now well positioned for further targeted growth in Norway, Finland and Germany,” Karl Munthe-Kaas, Oda CEO.
Oda was advised by Carnegie Investment Bank and Morgan Stanley.
Almira agreed to acquire the KFC restaurant business in Russia from AmRest Group, a European multi-brand restaurant operator, for $105m.
Completion of the transaction is subject to approval by the competition authority in Russia and consent by YUM! Brands and other regulatory authorizations that may be applicable in Russia. AmRest has been present in Russia since 2007 and currently operates 215 KFC restaurants in this market.
Global Savings Group, an operator of a digital shopping rewards platform, agreed to acquire Pepper.com, an operator of social commerce platforms. Financial terms were not disclosed.
"Our primary focus has always been to offer the best and broadest of money-saving solutions to our communities. Our collaboration with GSG will speed up this process significantly as it empowers us to branch out more. Combined, we have more than 20 years of experience in helping people to make smarter decisions, and together, we will provide even better and more rewarding shopping experiences. Our loyal customers and many more to come will benefit from our combined contents and technologies," Fabian Spielberger, Pepper CEO.
The Ardonagh Group, an independent brokerage group, completed the acquisition of MDS Group, an insurance broker, from Sonae, a company managing a diversified portfolio of businesses in retail, and IPLF Holding, a company with experience in investments in different sectors. Financial terms were not disclosed.
"We launched Ardonagh Global Partners at the start of the year to offer a home for businesses and management teams across the globe which want to plug into our commercial capabilities and resources whilst maintaining the client service and culture that made them successful in the first place. We welcome José Manuel Fonseca and his global colleagues as an embodiment of just that and look forward to helping bring more products, connectivity, and buying power to their clients," David Ross, Ardonagh Group CEO.
BNP Paribas Asset Management, an asset management company, agreed to acquire a majority stake in International Woodland Company, a global forest investment services provider. Financial terms were not disclosed.
“We welcome BNP Paribas Asset Management’s investment in IWC and look forward to partnering with them to grow the nature-based solutions universe together. Both companies share a vision of combining fiduciary duty and active contribution to the transition to a sustainable world. We believe that wood is the preferred material in a carbon-neutral world, and agricultural production is on an important path to deliver sustainable proteins to the global citizen. This partnership will enable IWC to expand its distribution reach and further its resources on sustainability and the EU taxonomy to the benefit of both our current and future clients,” Otto Reventlow, IWC CEO.
Generali plans sale of €20bn Italian life portfolio.
Assicurazioni Generali is planning to sell a roughly €20bn ($21bn) Italian life insurance portfolio as part of a plan to improve profitability.
The Italian insurer, which has been working with an adviser to review the portfolio, may start a sale process as soon as January, Bloombergreported.
Breitling said valued at $4.5bn in Partners-CVC deal. (FS)
Partners Group plans to increase its stake in Breitling to a majority in a deal that would value the storied Swiss watch maker at more than $4.5bn, Bloombergreported.
The Swiss investment group is in talks to boost its stake to more than 50% from about 23%. Private equity firm CVC Capital Partners is set to reduce its majority ownership to about 20%, with management and other private investors owning the rest.
Unilever weighs $3bn US ice cream brands sale.
Unilever is weighing the sale of a portfolio of US ice cream brands that could be valued at as much as $3bn,Bloombergreported.
The UK consumer giant is working with advisers to review local brands such as Klondike and Breyers that may be considered for divestment. International labels Magnum and Ben & Jerry’s are not part of the review.
DWS considering sale of PE secondaries business. (FS)
Deutsche Bank’s asset management arm DWS Group is considering a sale of its private equity secondaries business as part of a plan to pull back from areas where it doesn’t have sufficient scale.
DWS has been pitching the unit to interested parties. Chief Executive Officer Stefan Hoops is weighing a disposal after concluding the business requires substantial investment, which he prefers to make elsewhere, Bloombergreported.
US investor Textor moves closer to Lyon football club deal.
John Textor is inching closer to a takeover of French football team Olympique Lyonnais in what will be his biggest acquisition in the sport.
Lyon said in a statement that there was sufficient probability a deal would close quickly after US investor Textor and his Eagle Football Holdings vehicle secured necessary approvals to proceed, Bloombergreported.
Listing pipeline shrinks as longtime IPO candidates draw bids.
Europe’s IPO pipeline is shrinking even more, as long-time listing candidates worth over $10bn start to attract bids at a time when markets are set to remain rocky for the foreseeable future, Bloombergreported.
Eni is weighing a takeover of Neptune Energy Group, the $5bn UK explorer that’s been studying a London listing since last year. Meanwhile, an Abu Dhabi consortium is exploring an investment in GEMS Education, which is one of the world’s biggest private school operators and has been discussing an IPO on-and-off since at least 2018.
Saudi refiner Luberef set to price $1.3bn IPO at top end.
Saudi Aramco Base Oil, a refining unit of the state-owned oil producer, is likely to price its Riyadh initial public offering at the top of the range amid high demand, in the latest example of the Gulf’s listings boom.
Luberef, as the refiner is known, set price guidance at SAR99 ($26.36) per share, the top of a previous range of SAR91 ($24.23) to SAR99 ($26.36). That sets it up to raise SAR4.95bn ($1.32bn) for the private equity firm selling its stake, Bloombergreported.
Aliter completes fundraising for £134m fund targeting UK support services sector. (FS)
Aliter Capital, a private equity investment specialist focused on the UK support services sector, has completed fundraising for its second fund, Aliter Capital II, with £134m ($163m) committed by investors.
Aliter’s investment strategy is to create medium sized operators in the UK support services sector through the acquisition and integration of smaller businesses and organic growth. Aliter’s approach differs from traditional private equity models, by making only a limited number of selective portfolio investments to deliver dedicated support around strategy, organisational development, operational capability and overall business quality.
Australian Oilseeds Investments, an Australian proprietary company, agreed to go public via a SPAC merger with EDOC Acquisition in a $190m deal.
"We are very excited to work with the Australian Oilseeds team to bring the company to a public listing on Nasdaq. Healthy food is crucial to healthy living. In addition, the sustainable regenerative farming practiced by Australian Oilseeds is good for the world," Kevin Chen, EDOC Chairman of the Board of Directors and CEO.
Australian Oilseeds is advised by ARC Group (led by Ian Hanna) and Rimon Law. EDOC is advised by I-Bankers, Clayton Utz, Ellenoff Grossman & Schole and Maples Group.
China aircraft lessor CALC said to weigh $3bn asset sale.
China Aircraft Leasing Group is considering selling some of its assets outside greater China that could raise about $3bn in a transaction.
The Hong Kong-listed company is looking to divest around 40 aircraft and approximately 180 aircraft production slots. CALC, as the company is known, has reached out to prospective buyers for the assets, Bloombergreported.
Walmart’s payments startup PhonePe seeks to raise $1bn. (FS)
Walmart-owned digital payments brand PhonePe is seeking to raise as much as $1bn from General Atlantic and existing investors including Tiger Global Management, Qatar Investment Authority and Microsoft, even as global funding dries up for startups.
The all-equity round is expected to close in the next two weeks and may take PhonePe’s valuation close to $13bn. The valuation catapults PhonePe among India’s most valuable brands in a digital payments market forecast by Boston Consulting Group to triple in size to $10tn by 2026, Bloombergreported.
Japanese venture capital firm JAFCO shelves $300m buyback plan.
Japan’s top venture capital firm, JAFCO Group would cancel a $300m buyback, because its stock price had lately been lower than levels at which activist shareholders had agreed to tender their shares.
JAFCO had planned to buy back shares worth JPY42bn ($301m) through a tender offer to allow a group of shareholders backed by prominent activist investor Yoshiaki Murakami to exit their combined stake of 19.53%, DealStreetAsiareported.
Toshiba's preferred bidder moving closer to securing financing for buyout. (FS)
Japan Industrial Partners, the preferred bidder to buy out Toshiba, has moved closer to securing financing from banks, Reutersreported.
Concrete restructuring steps proposed by JIP have made a group of lenders, including Toshiba's main banks Sumitomo Mitsui Banking Corp and Mizuho Bank, more confident in JIP's post-acquisition plans.
Australia’s Link drops deal talks with Dye and Durham.
Link Administration shares tumbled after saying it’s walked away from talks with Dye & Durham over a deal for parts of its business that would have salvaged elements of an earlier takeover agreement.
The Australian data manager said that it could not agree to appropriate terms with Canada’s Dye & Durham regarding a sale of multiple parts of its business that together had been valued at AUD1.27bn ($854m), ending a monthslong saga of transaction talks, Bloombergreported.
Vietnamese education firm Nguyen Hoang pauses stake sale on valuation concerns.
Vietnamese education firm Nguyen Hoang Group has paused the sale of a minority stake that could potentially value its business at around $1bn as bids came short of its expectations,DealStreetAsiareported.
The Ho Chi Minh City-based group hired JP Morgan earlier this year to explore selling a minority stake of potentially 10% to 20%, which attracted interest from private equity firms and other education companies.
Bigtincan’s biggest shareholder objects to capital raising.
Australian sales software developer Bigtincan has drawn opposition to a possible equity raising from its largest shareholder and suitor, Bloombergreported.
Technology investor SQN Investors sent a letter to the Bigtincan board Wednesday objecting to what it said would be a potentially highly dilutive and value-destructive move by the company. SQN lodged a take-private offer to the company last month valuing it at about AUD442m ($297m).
GAC’s ride hailing firm Ruqi is said to pick banks for HK IPO.
Ruqi Mobility, Chinese state-backed automaker GAC Group’s ride-hailing firm, has picked banks including ABC International for its planned Hong Kong initial public offering.
The company is also working with China International Capital and Huatai International on the first-time share sale. The IPO could happen as soon as next year. The offering may raise a couple hundred million dollars, though preparations are at an early stage, Bloombergreported.
Sachin Bansal open to raising a pre-IPO round for financial services group Navi.
Even as Navi Technologies is gearing up to make a public market debut by the end of March 2023, the Indian financial services group does not rule out raising capital in a pre-IPO round.
“Whether we raise a funding round or not will depend on the kind of conversations we have with investors for the IPO,” Sachin Bansal, the poster boy of Indian e-commerce, and Navi Technologies founder, DealStreetAsiareported.
SBICAP Ventures makes final close of SWAMIH Investment Fund I at $1.89bn. (FS)
SBICAP Ventures, a subsidiary of India’s largest lender State Bank of India, has made the final close of SWAMIH Investment Fund I at INR155bn ($1.89 bn), its MD & CEO Suresh Kozhikote said,DealStreetAsiareported.
Sponsored by the Ministry of Finance, SWAMIH Investment Fund I is India’s largest social impact fund that is slated to provide priority debt financing for the completion of stressed, brownfield, and RERA-registered residential projects that fall in the affordable, mid-income housing category.
Quadria Capital officially targets $800m for third fund. (FS)
The Asian Development Bank and The US International Development Finance Corporation have together proposed to commit $100m to Quadria Capital Fund III, the third investment vehicle of healthcare-focused private equity investor Quadria Capital.
The fund has a target corpus of $800m. Quadria also confirmed the amount in its 2022/2023 annual review, DealStreetAsiareported.
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